VANCOUVER, BC, Dec. 29, 2021 /CNW/ - IsoEnergy Ltd.
("IsoEnergy" or the "Company") (TSXV: ISO) (OTCQX:
ISENF) has agreed to settle a portion of the interest payment due
to Queen's Road Capital Investment Ltd. ("QRC") (TSXV: QRC)
as at December 31, 2021. Pursuant to
the unsecured convertible debenture dated August 18, 2020 between QRC and the Company (the
"Debenture"), as at December 31,
2021, the Company will owe QRC interest in the amount of
US$255,000 of which US$75,000 will be settled with the issuance of
23,076 common shares of the Company ("Shares"), at a
deemed price of US$3.25.
Under the terms of the Debenture, the portion of the interest
payable to QRC equal to 2.5% per annum is payable in Shares at a
price per Share equal to the volume-weighted average trading price
per Share on the TSX Venture Exchange ("TSXV") for the
twenty consecutive trading days ending 3 trading days prior to the
date such interest is due. The portion of the interest payable to
QRC equal to 6.0% per annum is payable in cash. The issuance
of the Shares to QRC is subject to TSXV acceptance.
Mountain Lake Uranium Property
IsoEnergy also announces that it has received shareholder and
TSXV approval for its July 2020
agreement with Consolidated Uranium Inc. (TSXV: CUR) ("CUR")
(Formerly International Consolidated Uranium and NxGold Ltd.) to
grant CUR the option to acquire a 100% interest in IsoEnergy's
Mountain Lake uranium property in Nunavut, Canada ("Option Agreement"). For
further details regarding the Option Agreement please refer to the
Company's July 16, 2020 press
release.
Historical Mineral Resource
The Mountain Lake property contains a historical inferred
mineral resource estimate of 8.2 million pounds
U3O8 with an average grade of 0.23%
U3O8 contained in 1.6 million tonnes of
mineralization. The estimate was reported in the technical report
entitled "Mountain Lake Property, Nunavut" prepared for Triex and dated
February 15, 2005. This resource is a
historical estimate, and a qualified person has not done sufficient
work to classify the historical estimate as current mineral
resources. As a result, the historical estimate is not being
treated as a current mineral resource. However, the Company
believes that the historical estimate is relevant and reliable, as
it was prepared by a Qualified Person (as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects) with significant experience on the project, using methods
that were standard in the industry. In order to upgrade or verify
the historical estimate as current mineral resources, the Company
anticipates that it will need to incorporate the drilling data
collected by Triex and Pitchstone in 2006-2008. The historical
resource uses the "inferred mineral resource" category set out in
section 1.2 of National Instrument 43-101. There are no more recent
estimates available to the Company.
The historical estimate was prepared with the polygonal method
using only intervals greater than 0.1% U3O8
with a vertical thickness of at least 1.0 metre. Polygon sides were
determined by drawing lines perpendicular to, and one half the
distance to each adjacent drill hole. Estimated uranium was then
obtained by multiplying the polygon areas by their thickness, a
specific gravity of 2.5, and the grade of the drill hole interval.
The mineral resource was classified as inferred.
Qualified Person Statement
The scientific and technical information contained in this news
release was prepared by Andy
Carmichael, P.Geo., IsoEnergy's Vice President, Exploration,
who is a "Qualified Person" (as defined in NI 43-101
– Standards of Disclosure for Mineral Projects). Mr.
Carmichael has verified the data disclosed. All radioactivity
measurements reported herein are total gamma from an RS-125
hand-held spectrometer. As mineralized drill holes at the Hurricane
zone are oriented very steeply (-70 to -90 degrees) into a zone of
mineralization that is interpreted to be horizontal, the true
thickness of the intersections is expected to be greater than or
equal to 90% of the core lengths. This news release refers to
properties other than those in which the Company has an interest.
Mineralization on those other properties is not necessarily
indicative of mineralization on the Company's properties. All
chemical analyses are completed for the Company by SRC
Geoanalytical Laboratories in Saskatoon,
SK. For additional information regarding the Company's
Larocque East Project, including its quality assurance and quality
control procedures, please see the Technical Report dated effective
May 15, 2019, on the Company's
profile at www.sedar.com.
About IsoEnergy
IsoEnergy is a well-funded uranium exploration and development
company with a portfolio of prospective projects in the eastern
Athabasca Basin in Saskatchewan, Canada. The Company recently
discovered the high-grade Hurricane Zone of uranium mineralization
on its 100% owned Larocque East property in the Eastern Athabasca Basin. IsoEnergy is led by a
Board and Management team with a track record of success in uranium
exploration, development, and operations. The Company was founded
and is supported by the team at its major shareholder, NexGen
Energy Ltd.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE IsoEnergy Ltd.